Greek Economic Tragedy Sets Scene for Debt-Relief Battle
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The root of Greek Finance Minister Yanis Varoufakis’s desperation for debt relief will be laid bare in the coming days.
The backdrop of his request is an economy lumbered with near-record unemployment and a deflationary spiral after the country plunged into its worst slump since World War II. While data on Friday may confirm the economy grew in each quarter of 2014, it has a long way to go to regain output lost in six years of recession, with the current political crunch threatening to trip up the recovery.